Societe Generale has become the first company to receive a digital asset service provider (DASP) license in France.
French regulator Autorité des Marchés Financiers (AMF) gave SocGen's crypto asset division, called Societe Generale-Forge, a DASP license on July 18. The license allows Forge to operate digital asset custody, sell and purchase digital assets for legal tender and trade digital assets.
Forge CEO Jean-Marc Stenger said in a statement the license “confirms our pioneering role in the crypto assets ecosystem." Stenger added that it will enable Forge to meet demand from institutional clients for digital assets.
Many crypto firms, including Binance, are registered with the AMF, but only SocGen's Forge has received one. The level of compliance to receive a license is much higher than the requirements for registration. To obtain a license a firm must also be domiciled in France. "Firms must comply with certain requirements in terms of organization, financial resources and business conduct," the AMF said.
The EU passed its Markets in Crypto Assets regulatory framework, MiCA, in April. Under the new legislation, digital asset providers will be required to have obtained a full license from a member state to operate within the EU by January 2025.
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